At a special called meeting last Tuesday evening, Brown, who chairs the city’s Finance Committee, made a motion – which Cadiz City Council member Todd King seconded – to offer to sell the building, located at 44 Industrial Drive, to Transcraft for $165,000 per year over the next four years. Brown added that they plan on leasing it at a rate of $2.75 per square foot.
After some 30 minutes of discussion, all six Council members voted for the offer.
“At the end of the agreement, Transcraft would actually purchase the building and own the building,” said Cadiz City Attorney Allen Wilson. “And the City of course would have no more ownership interest in the building.”
The total cost to Transcraft would end up being $660,000. At a special called meeting in mid-May, Cadiz City Clerk Lisa Rogers said the city bought the building and the lot for $550,000 from owner Jimmy Carr earlier this year.
For the rest of this story, see this week's issue of The Cadiz Record or subscribe to our e-Edition by calling 270-522-6605.